Brief: Auryn To Acquire Eastmain Resources And Spin Out Peruvian Assets

Fury Gold Mines

30/07/2020 01:44

July 29 (Reuters) - Auryn Resources Inc  AUG.TO :
    * AURYN TO ACQUIRE EASTMAIN RESOURCES AND SPIN OUT PERUVIAN
ASSETS
    * AURYN RESOURCES  - TRANSACTION WILL CREATE FURY GOLD MINES
LIMITED  AND TWO INDEPENDENT SPIN-OUT ENTITIES WHICH WILL HOLD
AURYN'S PERUVIAN PROJECTS
    * CONCURRENT WITH SPIN-OUT OF PERUVIAN PROJECTS, FURY GOLD
WILL
CONSOLIDATE ITS SHARES BY APPROXIMATELY 10:7
    * AURYN RESOURCES - FURY GOLD IS EXPECTED TO REMAIN LISTED
ON TSX
AND NYSE AMERICAN EXCHANGES, AND WILL BE LED BY NEW PRESIDENT &
CEO MIKE TIMMINS
    * AURYN RESOURCES - ABOUT 110 MILLION FURY GOLD SHARES WILL
BE
OUTSTANDING AFTER EASTMAIN ACQUISITION (PRE-FINANCING)
    * AURYN-EASTMAIN SHAREHOLDERS AS OF CLOSING WILL BE ENTITLED
TO
RECEIVE ABOUT 0.117 OF A FURY GOLD SHARE (ABOUT 0.165 OF AN
AURYN SHARE PRE-CONSOLIDATION)
    * AURYN-ADJUSTING ASSUMED VALUE OF SPINCO SHARES BASED ON
INDEPENDENT VALUATION REPORT RECEIVED BY CO,C$121M OFFER
REPRESENTS ABOUT C$0.42/EASTMAIN EARNINGS PER SHARE

Source text for Eikon:  ID:nBwqxwwKa 
Further company coverage:  AUG.TO 

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